Its all too easy to confuse the Treasury Departments recently issued
On marriage and family
Greenbook: Expand the Earned Income Tax Credit (EITC): Provide marriage penalty relief and enhanced benefits for larger families.
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On disaster recovery
Greenbook: A five-year carryback applies to: (1) farming losses (regardless of whether the loss was incurred in a Presidentially declared disaster area); (2) certain losses related to Hurricane Katrina, Gulf Opportunity Zone, and Midwestern Disaster Area; and (3) qualified disaster losses.
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On relationships
Greenbook: Extending marriage penalty relief improves fairness and removes financial impediments to marriage for some low-income households.
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On health care reform
Greenbook: The Administration believes that limiting the benefits from certain itemized deductions to not more than 28 percent of the taxpayers outlays would provide some of the resources necessary to fund important reforms to the medical care and medical insurance systems.
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On air travel financing
Greenbook: The Federal Aviation Administrations (FAAs) financing system should be more cost based. The current excise tax system, to the extent based on taxes on the amount paid for air transportation, does not provide a direct relationship between the taxes paid by users and the air traffic control services provided by the FAA.
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On self-improvement
Greenbook: The AOTC makes college more affordable for millions of middle-income families and for the first time makes college tax incentives partially refundable. If college is not made more affordable, our nation runs the risk of losing a whole generation of potential and productivity.
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On encouraging reading
Greenbook: An assessable penalty would be established for a failure to comply with a requirement of electronic (or other machine-readable) format for a return that is filed.
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On dealing with the economy
Greenbook: A temporary extension of the NOL carryback period provides taxpayers in all sectors of the economy that experience such losses with the ability to obtain refunds of income taxes paid in prior years.
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